The US IPO market had its slowest first quarter in six years as just 18 IPOs raised $2.1 billion. Plummeting returns at the end of 2021 effectively put an end to the past year’s IPO boom, and coupled with the escalating war in Europe, issuance ground to a halt in late February. Only seven IPOs raised more than $50 million, led by TPG’s billion-dollar deal, which alone accounted for nearly half of proceeds. A majority of activity came from micro-caps, which caused the median deal size to fall to...

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